When a bank representative lies to get the loan and it can’t close, no one wins!

I just closed a transaction where we had to have a 30 day close on because it is scheduled to go to auction on the Thursday of the week of close. On the 8^th of September, when we got approval from the seller’s bank to do the short sale, we were assured by the buyer’s bank that they could easily close in the 30 days and to proceed.

Well, guess who calls on the day of the scheduled closing saying they are backed up in underwriting and they can’t close until the 18^th? Yep, the buyer’s banker from a certain mega bank of some large country. (No names of course) So, I had to inform them we have already had one extension and their bank has said no way to another one and that their buyer is going to be out of luck come Thursday morning when this place is foreclosed on.

I also advised him that if it does go to foreclosure, based on his promises, that he would more likely be getting a call from the other agent and their buyer wondering who is paying for that inspection and appraisal that are now not worth anything because of his lie about when he could close. (He admitted to me that he thought we could get another extension because we were so close.)

I certainly wouldn’t want to be on the phone with that banker when the buyer calls asking for a refund of her appraisal, inspection and her money she put up front to get the loan! ATTENTION BUYERS! This is why it so important to use your agents preferred lenders, these are lenders that your agent has worked with before and they know when they promise something that it can be done!

The 1-800-GREAT-RATES are only great when the loan can close. If they can’t close you can lose thousands in earnest money deposits, appraisal costs and inspection reports. IS IT WORTH IT? 

Todd Clark and the Friendly Home Team
Capstone Real Estate
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739

Todd Clark is a licensed Realtor who specializing in Washington County, Oregon and also works both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts is copyrighted and cannot be used without prior written approval authorization from the author. If you are looking for an outstanding agent please give Todd Clark a call he would love to help you in all your real estate needs.

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